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‘s ex-army chief gains poll edge with Tamil backing
January 6, 2010 (AFP) – Sri Lanka’s former army chief received a boost to his presidential ambitions Wednesday when minority Tamil parties said they would back him against incumbent Mahinda Rajapakse in polls later this month. Fonseka and Rajapakse have been at loggerheads since the end of the conflict. Fonseka quit after accusing the government […]
Sri Lankan farmers link up with private companies for better prices
Jan 06, 2009 (LBO) – Sri Lankan farmers in Anuradhapura have linked up with supermarket chains Keells and Plenty Foods, giving them better prices and steady markets for their produce. The renovated centre will also benefit 3000 members of the Kebithigollawa Integrated Rural Development Organization through increased revenues as a result of this program and […]
Sri Lanka stocks close up 1.10-pct on blue chips gains
Jan 05, 2010 (LBO) – Sri Lanka’s benchmark All Share Price Index (ASPI) passed the 3,500 point mark for the first time Tuesday, on strong retail buying with blue chip stocks continuing to make gains, brokers said. Aitken Spence Hotels closed at 294.75 rupees, up 6.25, Galadari Hotels closed at 16.50 rupees, up 1.00, Hotel […]
Transport Links
Jan 05, 2010 (LBO) – The Asian Development Bank said the first batch of bidding documents for a road project it is funding in northern Sri Lanka is expected to be available this month. The proposed Northern Road Connectivity Project will cover repairs to about 120 km of national highways in the northern and north-central […]
Close Watch
Jan 05, 2010 (LBO) – Sri Lanka’s Central Bank intends to monitor more closely banking sector group companies to improve its supervision of financial institutions, Governor Nivard Cabraal said. The move is part of several measures being taken to better regulate the financial sector after several institutions, both regulated and unregulated, got into trouble in […]
Sri Lankan Airlines says airport check-in back to normal
Jan 05, 2010 (LBO) – Sri Lanka’s national carrier Sri Lankan Airlines said check-in at the Bandaranaike International Airport north of Colombo was back to normal and passengers need not come four hours ahead of departure. Airport officials said the congestion was caused at peak aircraft arrival and departure periods because immigration department officials had […]
Sri Lanka tea imports fall
Jan 05, 2010 (LBO) – Tea imports for re-export by Sri Lanka, a major exporter, fell sharply last year as opposition by producers to importing teas remained strong, Tea Board and industry officials said. Tea Board officials said pressure by the producer sector on the regulator led to more stringent checks on imported teas which […]
Sri Lankan opposition vows to end emergency laws
January 5, 2010 (AFP) – Sri Lanka’s main opposition vowed on Tuesday to immediately end the state of emergency that has been in place on the island for 27 years if its presidential candidate wins this month’s election. The opposition’s candidate, Sarath Fonseka, will scrap the tough laws that have been in effect almost continuously […]
‘s main Tamil party backs ex-general
January 4, 2010 (AFP) – Sri Lanka’s main minority Tamil party on Monday backed the main opposition presidential candidate, Sarath Fonseka, who as army chief led the offensive that crushed Tamil rebels last year, officials said. Fonseka, a former four-star general who quit in November following differences with his political boss President Mahinda Rajapakse, pledged […]
Sri Lanka central bank warns against reckless spending
Jan 05, 2010 (LBO) – Sri Lanka may be forced to print money and send inflation up again unless the state avoids reckless spending, which also takes away resources available for productive activities by the people, Central Bank Governor Nivard Cabraal has warned. “We have to be conscious that any money printing that can take […]
Sri Lanka to relax foreign exchange controls: CB Governor
Jan 04, 2010 (LBO) – Sri Lankans would be allowed to open bank accounts abroad and buy shares and debt of foreign companies as part of a relaxation of foreign exchange controls, Central Bank governor Nivard Cabraal said. Foreign exchange ‘shortages’ crop up when a central bank ‘prints money’ (generates local money by purchasing domestic […]
Sri Lanka stocks up 2.84-pct
Jan 04, 2010 (LBO) – Sri Lankan stock closed the first day of trading for the year up 2.84 percent Monday with retail investors chasing diversified, manufacturing and banking sector stocks, brokers said. Ceylon Tobacco Company closed at 200. 00 rupees, up 15.00, Distilleries Company of Sri Lanka closed at 109. 00 rupees, up 3.75 […]